The Iowa Economic Development Authority (IEDA) Board recently approved awards for two companies, which will assist in the creation of 454 jobs and result in $611.3 million in new capital investment for the state. These projects are located in Council Bluffs and Tama. The board also approved a Strategic Infrastructure Program grant for Iowa State University.
US Property, Inc. constructs new division in Council Bluffs
US Property, Inc., a real estate development company based in Lincoln, NE that develops and manages both industrial and mixed-use commercial properties across North America, created a cold storage division that will support the local and regional protein manufacturers. The company will construct a 160,000 square foot facility to include racking, freezing and transportation components to serve the modern cold storage distribution industry. The project represents a $49.3 million capital investment and is expected to create 58 jobs, of which eight are incented at a qualifying wage of $23.56 per hour. The board awarded the company tax benefits through the Targeted Jobs Withholding program.
Iowa Premium constructs new facility in Tama
A National Beef company, Iowa Premium is a beef processor that harvests approximately 6,750 head of Angus cattle each week and sells to customers in the United States and internationally. The company plans to construct a new and updated 800,000 square foot facility, which will allow for additional value-added production capabilities and increase throughput by approximately 100%. The nearly $562 million capital investment project was awarded tax benefits through the High Quality Jobs program. It is expected to create 396 jobs, of which 383 are incented at a qualifying wage of $20.34 per hour.
Iowa State University’s College of Design approved for Strategic Infrastructure Program grant
The board approved a $1.4 million grant to Iowa State University’s College of Design for the 3D Affordable Innovation Technologies Housing Project, which will support the development of a 3D printed housing industry in Iowa. To meet a strong housing demand and identify a cost-effective and thoughtful labor strategy, the project will design an innovative 3D construction printing program that combines advanced technologies for the construction of affordable, resilient housing. Iowa State University will use the funding to acquire a 3D Construction Printer, materials, and a vehicle for transportation of the printer and equipment, which will help establish the infrastructure necessary to develop the suite of tools, research and curriculum.
The Strategic Infrastructure Program supports projects that develop commonly utilized assets with the goal of providing a competitive advantage to one or more private sector entities or that create necessary physical infrastructure in the state, and such projects are not adequately provided by the public or private sectors. Award recommendations for these funds are made by members of the Iowa Innovation Council and presented to the IEDA Board for approval.